Tax revenue in the Maldives reached MVR 2.80 billion in February 2026, slightly lower than the same month last year and well below official projections, according to the latest revenue collection data released by the Maldives Inland Revenue Authority (MIRA).
The figures show that while government revenue remains relatively strong by historical standards, collections in February fell 0.8 percent compared with February 2025 and 11.6 percent below the forecast for the month. The shortfall suggests that some key revenue streams did not perform as expected during the period.
MIRA reported that the decline compared with last year was largely linked to lower collections from lease period extension fees, Airport Development Fees, and tourism land rent. Timing factors also played a role. Initial deadlines for certain payments coincided with a public holiday this year, pushing some collections into March. In 2025, more taxpayers made advance payments ahead of the deadline.
The gap between projections and actual revenue was more pronounced. Lower-than-expected collections were recorded from Goods and Services Tax (GST), airport taxes and fees, and Green Tax, all of which are closely tied to tourism activity. These categories are typically among the most significant sources of government revenue.
In total, MIRA collected MVR 2.63 billion from projected revenue codes, compared with an expected MVR 2.98 billion, indicating that actual collections reached roughly 88 percent of what had been forecast for the month.
GST continued to dominate the revenue structure. According to the report, GST accounted for 52.3 percent of total revenue, bringing in approximately MVR 1.46 billion. Income tax followed with 21.4 percent of collections, equivalent to around MVR 599 million.
Other notable contributions came from Green Tax at 7.2 percent, Departure Tax at 4.8 percent, and the Airport Development Fee at 4 percent. Lease period extension fees made up 3.3 percent of total revenue during the month.
A significant share of government income was collected in foreign currency. MIRA reported USD 126.85 million in USD revenue collections, with the majority derived from tourism-related taxes. Tourism GST alone accounted for 59.3 percent of USD collections, while Green Tax and income tax also contributed smaller portions.
The report also highlighted the role of enforcement activities in sustaining revenue flows. Enforced collections reached MVR 666 million in February, reflecting efforts by the authority to recover outstanding dues.
The largest portion of these enforced collections came through dunning actions amounting to MVR 399 million, followed by MVR 156 million recovered through dues clearance initiatives. Additional amounts were collected through instalment plans, reminder communications, and enforcement policies such as account freezing.
Historical comparisons indicate that February revenue has generally grown over the past several years. Total revenue for February stood at MVR 1.74 billion in 2022, rising to MVR 2.34 billion in 2023 and MVR 2.77 billion in 2024, before reaching MVR 2.79 billion in 2025. The MVR 2.80 billion recorded in February 2026 places the latest figure broadly in line with recent levels, although the slowdown relative to projections suggests softer performance in some areas.
Tax revenue made up the majority of the total, accounting for approximately MVR 2.40 billion, while non-tax revenue contributed about MVR 395 million.
Refunds and adjustments during the month were relatively modest compared with total collections. MIRA reported cash refunds totalling around MVR 1.67 million, with the largest share linked to income tax payments. Adjustments related to offsets and advance payments were also recorded across several tax categories, particularly GST.
Taken together, the February results present a mixed picture. Revenue remains stable when viewed against recent years, but the gap between projections and actual collections indicates that some key sources of government income did not materialise as expected during the month.
As tourism-linked taxes continue to account for the majority of revenue, fluctuations in visitor activity and payment timing are likely to remain an important factor shaping government revenue performance throughout the year.
